Saturday, February 7, 2009

Many have seen their retirement savings dry up as the stock market has dropped precipitously in the recession. But there are also those who were victims of Bernie Madoff's Ponzi scheme who lost everything. And one such California resident has had to return to work, at age 90.

Ben Lomond resident Ian Thiermann, 90, lost approximately $750,000 in the Bernie Madoff scam. He is, or rather was, a retired businessman and he is now back on the job working 30 hours a week as a grocery store greeter.

"I've lost everything and you have lost everything."

Fortunately for Thiermann, when the owner of the Ben Lomond Market heard the news, he offered Thiermann the job. There are many, young and old, without a job (7.6% in the U.S. as reported on Friday).

The job pays $10 / hour, but Thiermann needs the job: he still owes money on his house.